22700 CE @ 41

Based on the Open Interest (OI) data, the market is structurally in a highly bullish setup, heavily driven by contrarian indicators and put writers.

Here is the strategic breakdown of why this indicates strength:

• Aggressive Put Writing: The total Put OI (83.83 lakh) is exactly double the Call OI (41.85 lakh). In Indian option chains (NSE), options are viewed from the perspective of option sellers (writers) who risk significant capital. A massive build-up of puts means institutional writers are strongly defending the lower levels, treating them as solid rock bottoms.
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